News & Views

AusLSA welcomes its newest member, law firm, Gilchrist Connell. 

Fifty three million tons of computers, servers and other business electronics are disposed annually. IT Asset Disposition (ITAD) and e-waste programs have always operated on certification-based assumptions. While most of the industry is likely doing the right thing, there are bad actors out there — and they have certifications, too. The best, most responsible companies not only look for the top certifications at their recyclers, but also have competitive RFPs and do extensive due diligence on potential ITAD vendors READ THE ARTICLE

The Science Based Target Initiative (SBTi) launched a new Net-Zero Standard last week. This first-ever science-based framework provides companies with a guide for calculating and setting a net-zero target that is verifiable, transparent, and consistent with the latest environmental science and the goals set forth by the Paris Agreement. The standard requires deep decarbonisation of 90-95% of emissions by 2050, and sets out near- and long-term targets for the entire value chain. The remaining 5 to 10% of value chain emissions should be removed from the atmosphere and sequestered in permanent carbon sinks in order to achieve net-zero. In addition, companies are encouraged to invest in carbon offset projects that reduce emissions outside their value chain. While other standards may arise in coming years… the alignment with the Science Based Targets Initiative provides and important benchmark a benchmark. READ MORE

The KPMG 2021 CEO Outlook finds that 94% of Australian CEOs and 86% of their global counterparts believed that following through with corporate purpose commitments will shape their capital allocation, while 98% of Australian leaders said that purpose drove financial performance.

Corporate purpose was also a key part of Australian businesses' appeal to their workforces, with 86% of Australian CEO saying that purpose was a key part of their 'employee value proposition' and central to building brand reputation and customer relationships. Climate change is also dominating Australian CEOS concerns, with 84% of Australian CEOs saying the November COP26 meeting "must inject necessary urgency into the climate debate, and 77% of leaders both here and overseas believing government stimulus was needed to turbo-charge business climate change investments." Read the FS Sustainability  Article HERE 

Bill Papastergiadis, Melbourne Managing Partner at Moray & Agnew has been appointed as a Commissioner of the Victorian Multicultural Commission (VMC). VMC is an independent body that acts as conduit between Victoria’s multicultural communities and State Government. Commenting on this most recent appointment, Bill says “I strongly believe the richness of Victoria’s diverse multicultural communities is one of our greatest strengths as a State. I am honoured to play a part in advocating on behalf of all multicultural communities, and committed to continuing the good work of the Victorian Multicultural Commission in its valuable mission to help to strengthen the relationships of these communities with government and with each other.” READ MORE 

The Monash Centre for Financial Studies (MCFS) looked at the modern slavery statements submitted by 99 ASX100. Woolworths, Wesfarmers and Westpac are just a few of the organisations leading the charge. Lead researcher Dr Nga Pham and her team found that the companies that scored highly had made managing modern slavery risks a priority but also had a large number of employees and big supply spends. The research showed that for the 99 companies the research team looked into, the most common modern slavery risks were forced labour, child labour and debt bondage (forcing someone to work to pay off money owed). READ MORE

The Global Compact Network Australia (GCNA) has been awarded funding as part of the Australian Government’s National Action Plan to Combat Modern Slavery 2020-25 to develop the Modern Slavery Impact Initiative (MSII). A multistakeholder, Australia-wide initiative. The initiative will incorporate a series of collaborations and resources to enable a collective response to tackling modern slavery in business operations and supply chains. READ MORE HERE

The Intergovernmental Panel on Climate Change’s (IPCC) latest report (‘The Physical Science Basis’) announced it is “unequivocal” that human activity is heating the planet, climate change is here, and it’s occurring at a faster rate than previously anticipated. Meanwhile the world’s leading climate scientists have also warned that Australia will bear the brunt of extreme weather changes unless deep and sustained emissions reductions take place in the coming decades. 

Here are five key actions the UN Global Compact promotes for businesses like law firms

1. Set a net zero target:
2. Set short-term science-based targets:
3. Include climate risks in strategic planning:
4. Develop a just and equitable transition plan:
5. Invest in climate action:

Read more HERE

Many ASX-listed firms are paying female executives 30-35% less than their male counterparts, and this gender pay gap impacts shareholder return, according to new research from the University of South Australia.

There are all sorts of benefits in having increased gender representation - different perspectives, women tend to be more risk averse than men, women are more willing to engage in corporate social responsibility activities." said Jill Gould, a co-researcher on the project.The study concludes that executive men more than women can hit at company returns. If a male executive is paid 2.6 times that of their female counterpart, every woman added to the team will lower the firm's annual return on assets by 2.2% READ MORE 

Clifford Chance's ESG board, spans a wide range of practice areas and sectors. It will be discussing how a new focus on the environment, social considerations and governance is driving change across businesses, who realise that a failure to address these issues can be detrimental both for their reputation and financially. Running from 4pm until 6pm on Wednesday 8 September, there’ll be an interactive panel discussion about key ESG themes to help students build their commercial awareness and understanding of the topic, followed by a Q&A led by students’ questions. REGISTER HERE